Embark on a captivating voyage into the realm of MBA education under the guidance of the visionary Dr. Raman Ramachandran, Director, K J Somaiya Institute of Management, Dean – Faculty of Management, Somaiya Vidyavihar University. Dr. Raman, a distinguished leader, brings a wealth of experience in steering organisations to success across Asia, the Pacific, and South Asia. With a remarkable 22-year tenure at BASF, the world’s largest chemical company, he held key leadership roles, including Asia Pacific Business Head for BASF’s Agricultural Products, Head of BASF South Asia, and Chairman & Managing Director of BASF India Ltd.
Transitioning seamlessly from BASF to PI Industries, where he served as MD & CEO until December 31, 2021, Dr. Raman continues to contribute as a board member. With a Ph.D. in agriculture from the University of Adelaide, Australia, his early career involved significant academic research at prestigious international centers.
Recently honoured with the “Lifetime Achievement Award” by the Chemical & Petrochemicals group of FICCI, Dr. Raman is a certified coach deeply committed to organisational energy and leadership. Explore Dr. Raman’s journey, blending corporate acumen with academic excellence at K J Somaiya Institute of Management—a hub where leadership converges with innovation, offering an MBA experience like no other.
Dr. Raman’s dedication to nurturing “day one ready” graduates reflects the institute’s commitment to delivering a holistic, industry-driven education. Join us as we explore some of the compelling highlights from our enriching conversation with Dr. Raman. This interview is a part of the #EducationThoughtSeries, featuring discussions with heads and deans from various institutions about the relevance of an MBA in today’s educational landscape and its potential impact on diverse career options.
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Q1. After three decades of a successful corporate career, particularly with BASF India Ltd. and PI Industries, what inspired you to transition into academia and take on the role first as a professor and now as Director, K J Somaiya Institute of Management, Dean – Faculty of Management, Somaiya Vidyavihar University?
Ans: During my time pursuing my PhD in Australia, I was deeply involved in research work. It feels like coming full circle now, returning to academia where my journey initially began. But there’s more to this story. It begs the question: Why management?
My roots lie firmly in the realm of science, where all my research efforts were concentrated. Transitioning into the corporate world, I initially found myself in the Research and Development sector, taking on various roles that eventually propelled me into business leadership positions. This transition was greatly aided by the executive education opportunities in management that I received while working.
Throughout this journey, I’ve come to realise that many management principles, often taught, truly do prove effective. I’ve had the privilege of learning, applying, and witnessing their positive impact firsthand. Reflecting on my career, I’ve developed a strong conviction regarding the importance and value of management education. However, I’ve also observed a gap between industry expectations and the outcomes of many business school graduates.
Therefore, my decision to return to academia and join a business school is motivated by a desire to explore whether, as a practitioner, I can contribute greater value to bridging this gap. This desire stems from my three-decade-long career, during which I’ve cultivated a deep conviction in the value of management education. This conviction serves as additional motivation for my return to academia.
Q2. In your opinion, what are the top three latest trends in the business world that will significantly impact the demand for MBAs in the near future?
Ans: So, in the specific context of India, we know, it’s all about economic growth. We’ve witnessed a transition from 2 trillion to 3 ½, and we’re aiming to reach 5 to 10 to 15 in the next decade, which calls for tremendous growth in private sector enterprises. To meet these aspirations, it’s crucial for business leaders to possess strong skills to effectively manage their enterprises, innovate new entrepreneurial ideas, and navigate the complexities of managing new organisations, among other things. One prevailing theme is the increasing demand for business school graduates. In my view, the demand for competent business school graduates will only continue to rise over the next decade, primarily fueled by the anticipated economic growth in the Indian context.
The second significant trend is the shrinking technology cycles. Technology cycles that once spanned decades, 50-60 years ago, now last mere half-decades or even shorter. This means that skills acquired in business could potentially become outdated within a year and possibly obsolete by the time of graduation in the near future. So, what should be the focus of business school education? I believe that one of the key priorities for business schools should be teaching students how to learn, how to be adaptable learners, and how to quickly adjust, stepping out of their comfort zones to explore new ideas.
The third noteworthy trend is the evolving purpose of for-profit enterprises. In the past, the primary goal of for-profit enterprises was solely to make a profit. However, over the past decade, globally and perhaps even in India to some extent, there has been a shift towards considering the 3 Ps: people, planet, and profit. Additionally, we’re witnessing the incorporation of two more Ps: purpose and the process or means of achieving these goals. This shift is driven by the changing impact of climate change and the geopolitical landscape, which necessitate a reevaluation of the focus of enterprises. Consequently, business leaders emerging from business schools need to have a completely different orientation. They must deeply understand the implications of climate change and recognise that, in their roles as leaders, they have the potential to influence these issues. They should also have a profound awareness of the societal inequities that exist and understand that these inequities cannot persist. As leaders, they have an opportunity to effect positive change. So, how can business schools nurture a generation of graduates who are acutely attuned to these dynamics? Their role has shifted from primarily focusing on profitability and meeting shareholder expectations to encompassing a much broader responsibility to society, the nation, and the planet. These are the three trends that, in my perspective, currently drive business education.
Q3. How is KJSIM ensuring that your students are prepared to navigate and thrive in the dynamic business landscape shaped by these emerging trends?
Ans: Over the past academic year, we have undertaken a redesign of our programmes. Previously, our offerings included a range of sector-specific programmes like retail management, integrated marketing communications, and an MBA in financial services. However, upon reflection, we recognised that these programmes might not adequately address the broader needs of the industry; they were somewhat limited in their scope.
In our newly revamped programmes, first-year students are immersed in foundation subjects meticulously chosen to provide them with a solid understanding of enduring management principles and contemporary trends. For example, we have integrated ESG (Environmental, Social, and Governance) as a foundational course, acknowledging its significance in today’s corporate landscape. Additionally, subjects such as design thinking and technology courses like R and python have been incorporated into the foundation year. We believe these principles are indispensable for students’ success regardless of their chosen specialisation in the second year.
During the second year, students have the opportunity to specialise in traditional areas such as marketing, finance, and operations. We are also introducing majors in data science and analytics, along with HR as a major. Moreover, students can select from eight minors, including subjects like analytics and business economics. These minors complement their majors, enriching their skill sets and focus areas.
We are confident that this approach prepares students for versatile career trajectories. For instance, someone who starts in finance may eventually transition to a leadership role, and vice versa. This adaptability is essential in an era where career transitions are becoming increasingly common. Another hallmark of our programme is its strong emphasis on technology. Our institute is privileged to have a dedicated Data Science Department, which has collaborated closely with our core MBA faculty to ensure students acquire a robust understanding of technology.
Furthermore, we offer specialised sector-specific programmes such as an MBA in sports and an MBA in healthcare. In the sports MBA, students engage in extensive practical experiences outside the classroom, including internships and events like organising Olympic Committee meetings. Similarly, our healthcare MBA students benefit from firsthand experience at Somaiya Ayurvihar, a healthcare educational setup, where they gain insights into healthcare management.
In our core curriculum, we have introduced a capstone project that kicks off in the middle or end of the first year. Students are paired with industry partners, presented with real-world problem statements, and collaborate with the company for the subsequent six months. This, coupled with the traditional internship, underscores our commitment to experiential learning and bridging classroom theory with real-world applicability. Our schedule is designed to allow students to attend morning classes, engage with companies or work on their challenges in the afternoons.
In essence, our programmes are centred on delivering a comprehensive education that equips students with the requisite skills and practical experiences to meet the evolving demands of the industry.
Q4. What, in your opinion, are the three key factors that enable a business school to endure shifts in the market and corporate demands while consistently producing management leaders equipped with skills relevant to contemporary times?
Ans: I strongly believe in the importance of maintaining close ties with the industry. This connection enables us to have extensive networks across leadership, allowing a b-school like KJSIM to grasp emerging trends early on and seamlessly integrate them into our academic programmes. Additionally, We prioritise establishing robust relationships with numerous recruiters engaging with students in our business school. It’s essential to implement a systematic process for gathering feedback from recruiters, understanding their perspectives on what is lacking and what they value in prospective candidates. This feedback loop is then used to refine and enhance our academic programmes accordingly.
Another critical aspect is the research conducted by our faculty. I ensure that they are actively engaged in conducting research in cutting-edge areas that enable our institution to identify and understand trends at their inception. This research is then translated back into the classroom, enriching our students’ learning experiences.
These three approaches form the cornerstone of our strategy. Furthermore, I emphasise the enduring principles of management that remain timeless and unchanged. It’s imperative to underscore the importance of teaching these principles to provide students with a solid foundation upon which to build their knowledge and skills.
Moreover, I acknowledge the significance of aligning our programmes with the competencies sought by the industry. While the importance of certain competencies may fluctuate, a consistent set of 8 to 10 competencies that are highly valued exists. It’s essential for our business school to be cognizant of these competencies and incorporate them into our curriculum. This fundamental aspect remains constant over time.
As part of our initiative, all first-year students undergo a competency assessment conducted by a professional agency. This practice ensures that students are equipped with an understanding of their strengths and areas for development right from the outset. It aligns with our overarching principle of staying attuned to industry changes and continually refining our programmes to meet evolving demands.
Q5. Could you shed light on recent programmes or initiatives taken up by KJSIM’s in the last 2 years to ensure a competitive edge among students, especially in terms of technology, innovation, and sustainability?
Ans: KJSIM’s approach to ensuring a competitive edge among students likely involves staying abreast of technological advancements and incorporating innovative and sustainable practices into their programmes. In recent years, many educational institutions have been integrating technology, fostering innovation, and emphasising sustainability in response to evolving industry demands. At the vanguard of educational progress, we seamlessly incorporate advanced teaching methodologies, online learning platforms, and cutting-edge technologies to enhance the educational experience. This commitment places us at the forefront of the technological frontier, ensuring that our students embark on an elevated educational journey.
Step into our innovation sanctuaries, where students engage in hands-on, real-world projects that transcend the traditional classroom setting. These dynamic labs serve as crucibles for creativity, problem-solving, and the cultivation of entrepreneurial skills. Additionally, our strategic alliances with
Tech industry leaders provide exclusive opportunities for students to immerse themselves in industry trends, hands-on projects, and internships, keeping them abreast of the latest technological advancements. Sustainability is not an afterthought but an integral part of our academic ecosystem, with courses on sustainable business practices and a commitment to reducing our environmental footprint. Our students, beyond the classroom, confront technological and sustainability challenges head-on, turning education into a transformative journey that meets the evolving demands of the world.
Q6. When discussing the MBA curriculum, the conversation often revolves around the impact of industry influence and students’ exposure to the real business world. In this regard, how is K. J. Somaiya ensuring the creation of skill experts who are ready to seamlessly transition into the industry upon completing their degree?
Ans: We have established four goals, or objectives, for the institute. One pertains to enhancing our ranking, while another focuses on obtaining accreditations. The third goal, which is pertinent to discuss here, is ensuring that our graduates are what I refer to as “day one ready.” This involves cultivating a balance between hard skills and soft skills, hands-on experience, a non-compromising attitude towards values, and governance.
Your inquiry revolves around how we achieve the objective of producing “day one ready” graduates. There are several approaches. Firstly, akin to traditional business schools, we conduct board studies for various subjects and programmes, wherein industry experts participate, offering insights into our curriculum. Annually, we host 40 to 60 industry experts at KJSIM, providing visiting lectures. Our aim is for over 20% of courses to be facilitated by industry experts through lectures or master classes, ensuring substantial industry input.
Secondly, we integrate practical elements such as capstone projects, internships, and live projects, all contributing to the readiness of our graduates. For instance, if a student learns about talent management, we bring in an HR professional to illustrate how companies implement these concepts in practice. Additionally, the holistic development of students is measured through a Student Progression Index. This index considers academic credentials, weekly reflective articles from a global business magazine, participation in certification programmes, attendance at competitions, and engagement in physical activities. This comprehensive approach ensures that students are not only academically proficient but also well-rounded individuals.
Furthermore, we organise career conversations with CEOs and CXOs, emphasising that an MBA is not the sole determinant of a successful career. We allocate 10 marks for physical activity and sports involvement, recognising the importance of physical fitness in a student’s overall development. In summary, our multifaceted approach, including industry collaboration, practical projects, and a holistic development index, ensures that our graduates are well-prepared for the challenges of their first day in the professional world.
Q7. In the ongoing debate about AI versus the human brain, do you consider AI to be a collaborator or a competitor for MBAs in today’s world?
Ans: From my perspective, I consider AI to be a collaborator without a shadow of a doubt. At KJSIM, our endeavour involves introducing transformative elements like generative AI into classrooms. The aim is to facilitate students in expediting their learning process while remaining cognizant of the potential limitations and societal impacts these tools may bring. On the one hand, it’s crucial to be aware of these factors, but on the other hand, AI stands as a remarkable collaborative tool, enhancing the efficiency of learning.
AI, particularly generative AI, has showcased its prowess in aiding students to self-pace their learning. The advent of virtual internships, made possible by generative AI, exemplifies the monumental impact it has on education acceleration. From an educational standpoint, the potential of AI is immense.
I occasionally challenge my communications team, questioning the necessity of teaching traditional business communication when we can instruct students on effectively utilising tools like ChatGPT to craft proper letters. However, a note of caution is essential – students should not substitute genuine learning with shortcuts, such as relying solely on AI-generated content. Instead, the emphasis should be on using AI wisely to augment the learning experience. The true power lies in leveraging AI to enhance education creatively and with an open mind. Recently, there have been various government initiatives aiming to expose India’s higher education sector to the global business landscape, attracting companies and brands to recognise India as a global education hub.
Q8. In your view, what are the key strengths and unique selling points that can put India on the global map in terms of gaining recognition as a destination for MBAs?
Ans: One significant aspect is our extensive network of brand ambassadors worldwide, many of whom have earned their MBAs in India and subsequently taken on leadership roles in businesses globally. With 14,000 alumni, K J Somaiya Institute of Management can confidently claim that approximately 10% of them hold senior positions in various parts of the world, such as Singapore, Dubai, New York, Oregon, or London. Therefore, it’s crucial to effectively promote the fact that the Indian MBA educational system is producing global CEOs.
There are additional compelling statistics, such as the relatively low percentage of successful MBA programme entrants in India compared to the competitive admissions standards of renowned institutions like Harvard and other leading business schools. Emphasising this level of competition and intensity can further highlight the quality of our programmes. Another noteworthy aspect is the language of instruction. We teach in English, a global language, and this should be a focal point in our marketing efforts. Furthermore, our programmes possess strengths that make us more agile compared to many business schools in the Western world. This agility extends to our ability to quickly respond to market demands and adapt our programmes. These strengths need to be effectively communicated in our marketing strategy.
Q9. What, in your opinion, are the top 5 factors that students should consider when choosing a business school for their MBA?
Ans: One significant factor is the location. For instance, it’s not just about the school being in Mumbai but the strategic advantage of being in a city with a thriving industry. This proximity adds value as collaborations with industry experts become more feasible and frequent. Location plays a crucial role in being where the action is.
Another vital factor is the alumni base. Networking with both current classmates and alumni is essential for post-graduation success. A robust alumni network can provide valuable connections and opportunities. Accreditation is another consideration. It serves as a stamp of approval for the quality of education the institution provides. While rankings are relevant, they should be taken with a grain of caution, considering the various ranking systems. I would recommend considering factors like NIRF, which has clear parameters. Faculty quality, pedagogy, and holistic development opportunities are crucial aspects. Physical infrastructure also matters. These factors collectively contribute to the overall learning experience. Looking beyond median salary statistics is essential. Success is not solely indicated by the starting salary; it’s about the return on knowledge received. Consider the exposure the institution offers and how it contributes to your transformation journey.
Recently, our institute has established a purpose statement: ‘Transforming together.’ It reflects our commitment to enabling the transformation journey of individuals into value-based and purpose-driven business leaders who contribute to building a better world. MBA is not just a phase; it’s a transformative journey. Therefore, students should assess their transformation intellectually, emotionally, and in self-awareness as crucial yardsticks for choosing a business school.
Q10. What, according to you, is success? How should one measure success, be it personal or professional?
Ans: I believe success, to me, is defined by the impact you make on the people around you—whether it’s your team, peers, the organisation you work for, or the society you live in. Making a difference in these aspects, which extends to contributing through taxes, is also about leaving a lasting legacy. It’s not about seeking recognition from an egotistical perspective but rather being remembered for years to come. From a professional standpoint, success is about creating a strong legacy. Starting with this premise, I think it contributes to personal success by fostering a sense of satisfaction and personal growth. Becoming a better human being, cultivating calmness, and continual personal development are all integral aspects of success to me.
Q11. In 10 words or less, describe what an MBA degree is in today’s world.
Ans: It’s a certificate showing your grasp of enterprise dynamics and adaptability
In conclusion, the interview with Dr. Raman paints a vivid picture of the unique and captivating approach at K J Somaiya Institute of Management. This institution is a vibrant hub where Dr. Raman’s visionary leadership and unwavering commitment to academic excellence converge to create an exciting academic landscape. With a fusion of dynamic industry collaborations, cutting-edge teaching methodologies, and an all-encompassing evaluation system, K J Somaiya Institute of Management is reshaping the very essence of the MBA experience. For prospective students, it’s not just about earning a degree; it’s an enthralling journey promising leadership, innovation, and a deep understanding of the ever-evolving business world. Step into the extraordinary at K J Somaiya Institute of Management, where success transcends mere degrees, offering an unforgettable and truly exceptional MBA adventure.
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